HI HB744

Establishes a permanent Dwelling Unit Revolving Fund Equity Program allowing the Hawaii Housing Finance and Development Corporation to purchase equity in for-sale housing projects through second mortgage loans, reducing the purchase price for eligible buyers

Eligible buyers must be Hawaii residents who do not hold a majority interest in residential real property, with potential additional requirements such as working in labor-shortage professions and limiting gift funds to 35% of the purchase price

Requires buyers who sell within 30 years to repay the corporation's equity plus its share of appreciated value; after 30 years, repayment is triggered by refinancing, title transfer, or renting the unit

Authorizes eligible developers to repay interim financing loans through unit equity under the program, with preference given to projects developed under government assistance programs

Repeals the temporary pilot program established by Act 92, Session Laws of Hawaii 2023, which was set to expire June 30, 2028, replacing it with the permanent statutory program